Once you decide it’s time to buy a new home, you will be filled with excitement and anticipation. However, those feelings may fade quickly once you start the process, especially if you are also trying to sell your existing home at the same time. Since the average home stays on the market for 68 days, you may find yourself facing quite a juggling act financially and otherwise. But if you’re ready nonetheless, you’ll need to be well-prepared for various things such as moving, mortgages, and more. To make sure you know what’s in store and how you can find success along the way, here are six tips for buying and selling a home at the same time.
Use Professional Movers
Once you undertake this massive project, always make sure you use professional movers once you have bought your new home, sold your previous one, and are finally ready to make your big move. Although this will cost you more than doing it yourself, you’ll be able to get the move done much faster and without delay. Since buying and selling a home at the same time will be stressful, you won’t need the added worry of trying to figure out how to line up friends to help with the move and other details.
The Possibility of Two Mortgages
While buying and selling at the same time may be a way to get things done a bit faster, you will also need to consider the possibility of paying two mortgages at the same time. Thus, before committing yourself to this, go over your budget and make sure this will not unnecessarily strain your finances.
Examine Your Area’s Housing Market
Even if you find what you believe to be your dream home, don’t buy it until you have taken a good look at your area’s housing market. By doing so, you’ll learn how long other homes similar to yours are staying on the market, how much they are selling for, and other details. As another important benefit, this will help you figure out how long you may be carrying two mortgages. But remember, even if a house like yours sold in only 30 days, there’s no guarantee yours will sell as fast.
Consider Lowering Your Home’s Price
Prior to putting your home on the market and buying another one, always decide if you will be willing to lower your existing home’s price in order to make it sell quicker. If you are not, you may want to reconsider trying to buy and sell at the same time. However, if this is a financial sacrifice you are willing to make, it could ultimately save you money in the long-run, since it will lessen the time you may have to carry two mortgages on your properties.
Make a Contingency Offer
If you find your dream home at the perfect price and want to make sure another buyer doesn’t come along and take it from you at the last-minute, make a contingency offer to the homeowner. This offer, which states you will buy the house once you sell your other home, can allow you to move to the top of the list of potential buyers. However, remember that the owner of your potential new home has the right to refuse this offer, or state that it will only be valid for a period of time. Therefore, you’ll have to be sure you will be able to sell your home within a certain period of time, or you risk losing out on what may be a great opportunity to buy your dream home.
Consider an All-Cash Offer on Your Home
If you are in a hurry to sell your existing home and don’t mind possibly taking less than what you might get if your house stayed on the market, consider working with a company that will make an all-cash offer for your property. Since these are usually companies or even individuals who are seeking investment property, they will often buy your home “as-is” and will complete the transaction in less than one month. If you are eager to buy your new home and have the money to make an immediate move, this should merit serious consideration.
